Just over a half-century ago, Nobel Prize-winning economist Milton Friedman, whose work inspired the “Chicago School” of economics, wrote in a famous essay in the New York Times, “There is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game.”

That idea defined the age of shareholder capitalism that followed. However, the world is in a new era now. Capitalism faces doubts about its ability to meet people’s needs, distribute resources more equitably, and even coexist with democracy. Economic experts discussed these issues during the kickoff event for Chicago Booth’s new series, The Future of Capitalism, which explores the ways in which our economic systems are evolving as expectations about the role of business in society keep changing.

Moderated by Randall S. Kroszner, deputy dean for Executive Programs and the Norman R. Bobins Professor of Economics, the event featured Baroness Minouche Shafik, director of the London School of Economics and Political Science and the author of What We Owe Each Other: A New Social Contract for a Better Society, a look at how our social contract has broken down and how we might fix it. The expert panel also featured Raghuram G. Rajan, the Katherine Dusak Miller Distinguished Service Professor of Finance, and author of The Third Pillar: How Markets and the State Leave the Community Behind, a rethinking of the relationship between the market and civil society.

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